In light of the new economy of an increased number of small businesses, we thought we would take a moment to discuss possible tax deductions. This is by no means a comprehensive list nor does it apply to every business. Please consult BASC Expertise or your trusted tax professional before deciding if these are right for you and your business.
Here are the 22 most common tax deductions for entrepreneurs:
- Mileage: Keep a small notebook in your car to track mileage that is work related. There are apps that will track mileage also.
- Advertising: Track what is spent on ads in publications and on the radio. Even small costs can add up to a big deduction.
- Marketing: Networking dues, business cards, pamphlets and the like are trackable expenses.
- Meals: 50% of business related meals can be tax deductible
- Phone (cell & landline): Whether you have one phone for business and another for personal or shared phones/lines, the expense may be a deduction.
- Business Use of Home: Check with your tax professional to see if your business qualifies.
- Utilities: Office expense or a portion of home office expense
- Internet: Office expense or a portion of home office expense
- Industry related subscriptions and software
- Continuing education related to your profession or field
- Training & Conferences related to your professional or field and NOT covered by an employer.
- Books related to business
- Computers and mobile devices
- Travel expenses
- Tax preparation
- Bookkeeping services
- Payroll services
- Office supplies (paper, folders, printer ink, etc.)
- Office furniture
- Business insurance
- Rent of office space if not a home based business
We hope this list will guide you to tracking your business expenses whether home or office based. We are currently accepting individual and business tax preparation clients as well as clients for our accounting services and payroll divisions.
BASC Expertise is a Mesa based provider of accounting and tax services to individuals and small business owners. We are currently accepting tax prep appointments.
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